• The type of account is called “Regular savings”
• This is great if you want to save for future gradually and not have to temptation to draw down on the funds.
• Because of the restricted access if you take the money out then you would be relinquishing the higher interest rate you receive.
• Rates can be up to 5%, but there is a cap on how much you can save each month.
• These accounts are usually exclusive to customers from a certain bank, so you may have to open up a current account with this bank.